Procurement process involves various tasks including the purchase of products for a business influenced by factors such as stock availability, price, supplier evaluation and performance. The process turns complicated when it comes to the selection of right seller and appropriate price. What if the whole information of both the complex tasks is served decorated in a plate. This decorated plate is catalog marketplace.
The concept of E-catalog is not entirely new, but new is getting a marketplace for E-catalogs. More like our favorite online shopping websites, the marketplace for B2B procurement also exist. Here a wide range of products is displayed with specifications and O2P (Order to Pay) option where one can directly select the product, quantity and pay immediately.
Catalog marketplace is an open market where any number of vendors can sell their products open to countless buyers. The buyer can filter the search by providing apt information on what is he looking for and relevant products sold by same or different vendors pop up on the screen along with their prices. All that a buyer must do is select the product based on quality, price, and seller; select the quantity and delivery method followed by the payment option.
Catalog marketplaces are created and managed by a service provider or third party or can also be an in-house catalog.Benefits of using catalog marketplace can be listed as; It would provide clarity to business as every purchase will be recorded. The transparency will be increased as the product quality and prices will be open and clear. Also, procurement process will become easy and cost-efficient. Even the finance department might get some rest as most of the transactions done will be online and so will be accounted on its own. Which as a process can be called as supply chain optimisation. In this era of automation, catalog marketplace is a must for easy running of the business.
Learn more on E-Catalog @ Metacog solutions